Business

How gains in manufacturing, banking stocks lifted equities market by N874.41bn

markets

By Motolani Oseni

Opening the week, Nigerian equities extended gains from last week as the market capitalization gained N874.41billion to close at N46.32trillion, compared to N45.442 trillion recorded on Friday.

This is even as the Nigerian Exchange Limited All-Share Index (NGXASI) continues to set new records, with benchmark index closed 1.92 per cent stronger to settle at 84,640.89 points fueled by the manufacturing and production sector’s.

As a result, the Year-To-Date (YTD) return rose to 13.20 percent, while the market breadth closed positive with 46 equities on the gainer’s table and 19 others on the loser’s.

Buying interests in industrials such as Dangote Cement, BUA Cement, and Zenith Bank grew the market shares.

READ ALSO: Tecno wins 2023-2024 global smart phone brand

Specifically, 807.51 million shares valued at N11.03 billion were exchanged in 13,647 deals, compared to 600.63 million shares valued at N9.10 billion exchanged in 11,697 deals at the previous trade.

However, Transcorp led the activity chart in volume with 66.89 million shares worth N956 million, followed by AIICO Insurance with 62.29 million shares valued at N789.89 million.

Wema Bank also sold 41.57 million at N387.92 million, Jaiz Bank transacted 39.19 million shares worth N128.01 million, while First City Monument Bank (FCMB) traded 38.14 million shares valued at N423.12 million shares.

On the gainer’s chart, Chams, Axa Mansard, PZ, Tantalizer, and Daar Communications led in percentage terms of 10 each to close at N2.53, N6.49, N32.45, 55k, and 99k per share, respectively.

Conversely, on the loser’s chart, Abbey Mortgage Bank Plc led by 9.52 percent to close at N2.47 per share, followed by Julius Berger by 3.54 percent to close at N54.50 per share.

Custodian Insurance trailed by 3.45 percent to close at N9.80 per share, while Africa Prudential Plc shed 2.78 percent to close at N8.75 per share.

Also, FBNH lost 1.79 percent to close at N27.50 per share. Meanwhile, market breadth closed positive, with 66 advancing equities outnumbering eight declining ones.

Analysis of the market activities indicated that trade turnover settled lower relative to the previous session, while the value of transactions went down by 36.88 percent.

About the author

DailyTimesNGR

Leave a Comment